Is it worth having a financial adviser?

Financial advice typically costs around 1 percent of your portfolio per year and drops as your total funds grow. So, yes, people want to know if they are getting what they pay for… Not everyone wants or needs a financial adviser. About one-quarter of private investors are truly “self-directed,” according to Vanguard.
Here are some questions you may not have thought of, as they are somewhat more technical or as above, we don’t know – so how do we ask these questions..?

When you start off considering that around 1 in 3 Australians will live past age 90.., which means you have plenty of time to spend your money, will you however, have enough time to save before retirement without a meticulous plan now?

Q. If I had $1.6million in my Superannuation Account at retirement at age 65, how long will it last?
A. You have to take 5% out at age 65, on $1.6millio that is $80,000pa, which may run out at age 83 earning 3%, without Centrelink

Q. What if I want only $52,000pa?
A. You then re-invest the excess

Q. If I retire at age 70, with $1.6million will that make much difference on how long my funds will last?
A. This should push the time out to around age 88

Q. What does the phrase ‘lower for longer’ mean?
A. You can expect lower returns for longer due to the current economic cycle

Q. When my superannuation/pension accounts starts running down, when can I start receiving the Centrelink Aged Pension?
A. As soon as you Assessable Assets or Income fall below the Upper Centrelink Thresholds, these numbers are indexed each quarter, so will vary

Q. If I had only $500,000 in my super at age 65, how’s that look drawing say $52,000pa?
A. Your funds will run out around age 83 without any Centrelink support

Q. How much will Centrelink support help my superannuation last?
A. That is more complex than it seems, we would need to run a scenario through our modelling software to advise you, please call or email our office.

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